The dollar rose before the Federal Reserve meeting

The US dollar bought 111.46 Japanese yen, lower than 111.48 yen of the previous session. India's Sensex gained 0.6 percent to 32,472.62.

European markets were marginally lower, with the DAX 30 in Germany off 0.11%, the CAC 40 in Paris down 0.13% and London'sFTSE 100 off 0.1%.

Regarding commodities, oil prices were in an uptrend during the Asian trading, with WTI crude rising by 0.52% to $50.15 per barrel and Brent being 0.13% higher at $55.69.

With the bank's outlook appearing to have become increasingly upbeat in recent months, the minutes may help push the Australian Dollar slightly higher should the minutes contain no major surprises. Also, refineries were still restarting after recent storm activity. Friday's Baker Hughes report revealed that U.S energy firms cut seven oilrigs in the week to September 15, bringing the total to 749, the fewest since June.

Minutes from recent Fed meetings have shown a growing split, with some policymakers saying there is no urgency to raise rates after a drop in inflation, and others arguing the US economy is strong enough to continue "normalizing" monetary policy. The "yellow" metal is down -0.3% at +$1,315.36 an ounce.

Investor focus will shift to the Federal Open Market Committee's two-day meeting, which starts on Tuesday.

Meanwhile, other central banks, including in the economically resurgent euro zone, may begin tightening policy, leading to more restrictive financial conditions globally. Low inflation and impressive growth/low unemployment have posed a perplexing conundrum for monetary policymakers who have made a decision to trust in the data and start tightening despite the fact that inflation remains well below target.

As a result, market odds for a December hike jumped, with futures markets showing the probability above 54 percent on Friday, up from 31 percent the week before.

Caught between a lull in US inflation and a stronger global economy, the Federal Reserve is expected on Wednesday to signal whether it will raise interest rates for a third time this year or back off until prices rise more briskly. The impact of Hurricanes will also be a topic, and we expect the Fed to indicate that it will cause only short-term disruptions to the economy.

Beyond this, investors are now speculating on the possibility that the Fed will push for a rate hike at the December meeting, an event that has been deemed increasingly likely in the wake of last week's accelerating USA inflation figures, (the headline printed at 1.9%, up from previous period's 1.8%).

While the Fed's expected announcement of the trimming of its balance sheet has been well telegraphed, investors will look for any Fed reveal on its preference for shorter- or longer-dated bonds when it reinvests a portion of its maturing assets.

Ahead of the FOMC meeting, it's still too soon to say that a low is in place for the US Dollar on a broad basis.

Note: Sterling is down after rallying on Thursday and Friday as caution sets in before a speech by BoE Governor Mark Carney at 10:00 am EDT.

How the Fed will respond will be closely watched by market participants.

Data this morning from Eurostat showed that Euro area (monetary union of 19 members) annual inflation was +1.5% in August 2017, up from +1.3% in July 2017. Investors mostly overlooked the revised Eurozone inflation numbers which confirmed consumer prices grew by 1.5% in August.

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